July 25, 2017 | By Classic Wedding Invitations
Wedding Budget Guide
Number one to consider in planning your wedding is your wedding budget. Let’s face it. Wedding are expensive. If you have deep pockets and an unlimited budget, then you can skip this article. If you want to save for your wedding, then read on.
- Set an overall wedding budget and divide it into smaller monthly chunks. Take the sum of your desired budget and divide it by the number of months you have to save up. If that amount seems like too much per month, add more time or try cutting back on a few of your big-ticket monthly expenses to help you save. “That’s literally how simple planning [financially] for a wedding can be,” says David Bach, founder and chairman of FinishRich Media and author of Smart Couples Finish Rich, about this relatively simple math.
- Separate a wedding savings account. In this way, you don’t mix your personal savings to the money alloted for your wedding.
- Cut back on monthly expenses. Prioritize on the what you really need and unsubscribe on monthly reoccurring expenses. Like, turning off your cable could save you $100 a month, and ending a gym membership could put an extra $75 in your account each month. Things like cable, Netflix, Amazon Prime, Birchbox and Spotify—anything that debits you on a monthly basis—the time has come to really consider if these are must-haves you truly need, or if you can sacrifice them for a bit in favor of a larger wedding budget.
- Stop little spending habits that adds up. Scale down your shopping during the months you’re saving or only buy lunch out one day a week. It could be your coffee, bottled water, eating out for lunch and dinner, or having drinks. It could even be taking a cab instead of taking the subway, or parking your car closer to your office and therefore paying a higher parking fee. Cutting up on little spending habits will make a huge difference. You will notice you’d save a lot.
- Think of creative ways to make more cash. Have you considered selling items you don’t need anymore online? What about starting an Etsy shop or doing freelance work? This can be a great way to supplement your wedding fund.
Don’t start your marriage off in debt—it’s never a good idea—and don’t consider paying for things with money you don’t have and won’t have for a long time. You also shouldn’t take out a loan to cover wedding costs.
Final word: Don’t spend more than you can afford.